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Blockchain

Alfa Warrior Blames Fraudulent System for Less Blockchain Adoption

Since the advent of blockchain, and formation of Bitcoin, people have been skeptical whether or not to invest in the crypto business. The institutional support has been the main factor that has been missing from the blockchain world which has somewhat halted the utility of blockchain and promoted volatility. According to Alfa Warrior, the co-founder of Karmaship there are a number of factors why we don’t have public blockchains in the mainstream, talking to BlockPublisher he said,

We have a really fraudulent system, the centralized exchanges are not helping the system. The traders are manipulating the system along with the big banks, which is not helping at all.

He continued that the blockchain technology is in such an early phase of adoption that the User interfaces and User Experience aren’t the problems that are catered to by blockchain developers. He went on saying,

It has to do with basic stuff like UX and UI not being up to the mark with the centralized projects like the ones you get on Apple store which cater to the problems with a better UI and are generally easy to comprehend applications. The adoption rate is slow because crypto is still pretty hard to use and understand.

To become totally decentralized, the decentralized exchanges should be playing their roles, the issues that are still yet to be faced are the regulatory issues as Satoshi Nakamoto envisioned. According to Alfa we’re 4 to 5 years out to see massive adoption.

The issue that’s circulating the press all around and has got the investors and enthusiasts concerned, relating to adoption of blockchain and cryptocurrency is the approval of the ETF. The views of the SEC also coincide with what Alfa had to say. In January, the regulatory body SEC put forward their views relating to the establishment of the ETF. The main issues they addressed were the issues of possibilities of fraudulent and manipulative activities on blockchain and cryptocurrencies. Issues like valuation, liquidity, custody, arbitrage and other risks were also addressed. The SEC stated,

The Commission has also discussed concerns relating to the risk of fraud and manipulation in cryptocurrency markets in orders denying exchange proposals to list the shares of commodity trusts that would hold cryptocurrency. In addition, a number of recent media reports have highlighted a range of possible vectors for potential manipulation of cryptocurrency markets. Although some funds may propose to hold cryptocurrency-related products, rather than cryptocurrencies, the pricing, volatility and resiliency of these derivative markets generally would be expected to be strongly influenced by the underlying markets.

As soon as the ETF proposals are accepted, a better brand image will automatically be formed for blockchain and cryptocurrency, and the institutions that are skeptical about diving into blockchain would have a better reason to do so. The board member of 9 spokes and a crypto enthusiast Thomas Power said in this regard talking to Bloclpublisher,

SEC will give BTC brand confidence in 2019, rest will follow in 2020.

Seems like the analysts and enthusiasts are quite positive about the ETF being approved in the near future. Prominent personalities like Brian Kelly from CNBC have predicted the approval in early 2019.

Once the ETF issues are solved and blockchain can get the massive adoption that the analysts envision, it would probably take over every aspect of or lives, from health to e-gaming, sports etc. Alfa warrior said in this regard,

Public blockchain is going to change the world, we feel that it will disrupt every aspect of the society when it comes to stuff like economy etc.

With the possibility of the revolution that blockchain can bring, which integrates security, liquidity and speed, everyone in the crypto world is hopeful to see the regulatory issues solved for the technology to operate on its full potential.

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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